Banking Advice – Page 3

How Do Banks Handle Unauthorized Transactions?

28Aug

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How Do Banks Handle Unauthorized Transactions?

Banking fraud is an unfortunate fact of life these days. At some point when reviewing your monthly checking account statement or online activity, you may notice a purchase you didn't make. What should you do next?If you find any unauthorized transactions have occurred in your checking account, it's important to handle the situation right away. When fraud involves a debit card rather than a credit card, the process can be a bit different.How Did Someone Else Get Access to Your Checking Account?There are a number of ways criminals can get their hands on your checking account information. It's possible that you lost your card and the wrong person found it. Criminals also set up card skimmers and hidden cameras to steal your account number and PIN at places like ATMs and gas pumps. Sometimes,...

How to Fill Out a Money Order | Banking Advice

25Aug

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Money

How to Fill Out a Money Order | Banking Advice

Money orders are a paper-based form of payment that are considered safe alternatives to personal checks or cash, particularly when you're sending money by mail. Places where you can buy money orders for a small fee include post offices, banks and grocery stores.Keep in mind that not all money orders look the same, so instructions for filling them out might differ from one provider of money orders to another. Also, it's worth noting that the provider of the money order fills in the date and dollar amount.Steps to Fill Out a Money Order Write the name of the payee. Sign your name. Provide your address. Fill in the memo line. (Nate Hellman)1. Write the Name of the PayeeWhere it says "Pay to the order of" (or something similar), fill in the name of the person, business or organization tha...

25Aug

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What Is FedNow? | Banking Advice

Do you ever feel frustrated when you cash a check or transfer a digital cash balance to your bank account and it takes days to process? FedNow Service is a new payment system from the Federal Reserve aimed at allowing individuals and businesses to send and receive money instantly.Here's what you need to know about FedNow, which banks are participating, and how it might change the future of banking.What Is FedNow? FedNow Service is intended to help banks and credit unions transfer funds instantly to their customers 24 hours a day, seven days a week, 365 days a year. In other words, you won't have to calculate business days when figuring out how long it will take for a payment to clear.Though it is similar to existing services Fedwire and FedACH, the difference with FedNow is that there is ...

How to Keep Your Information Safe When Online Banking

24Aug

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Money

How to Keep Your Information Safe When Online Banking

Online banking gives customers real-time access to their finances. The convenience and ease of access to information makes online banking great for everything from long-term financial planning to dealing with emergencies. The vast majority of traditional banks offer some form of digital banking in addition to their brick-and-mortar locations, while other banks are online-only.Mobile banking apps and online portals might provide extraordinary access to your finances, but some consumers are still worried about the security of online banking. Here is everything you need to know about protecting your information when banking online.Are Online Banks Safe and Secure?One of the main benefits to banking online is convenience. Many banks' services, such as verifying account balances, transferring ...

What Is a Joint Bank Account? | Banking Advice

18Aug

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What Is a Joint Bank Account? | Banking Advice

If you share expenses and savings goals with another person, you might be looking for ways to make managing money together a bit easier. One tool that may help is a joint bank account. But before you open one, it's important to understand how they work and the potential risks.What Is a Joint Bank Account?A joint bank account is an account (such as a checking or savings account) shared by two or more individuals with equal access to the funds. Joint bank accounts are often used by married couples, but they can also be helpful to family members, business partners or any other group of people who need to share financial responsibilities."Having a joint account can make things easier if you share bills with another person so that you can see all income and spending in one place," says Kendall...

What Is a Voided Check and When to Use One

16Aug

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Money

What Is a Voided Check and When to Use One

Checking accounts aren't all about checks. They can also be used to receive direct deposits and make automated payments. These transactions can simplify your finances and give you more control over your deposits and withdrawals.In some cases, you can set up automated transactions online. In other cases, though, you'll have to fill out some paperwork and provide a voided check, which contains your bank's routing number and your account number on it.Here's what you need to know to provide that voided check.What Is a Voided Check?A voided check is a paper check that has the word "VOID" written across the front of it. How to Void a CheckIf you have to provide a voided check, you don't have to request one from your bank or credit union. You can just detach a check from your supply and write "V...

What Is a Shared Branch Credit Union? | Banking Advice

15Aug

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What Is a Shared Branch Credit Union? | Banking Advice

Credit unions are designed to support the financial needs of the surrounding community. You may be apprehensive to join one if you travel a lot or need to perform banking services outside of your home neighborhood. The good news is that many credit unions have a solution for that concern: shared branching.What Are Shared Branches? Credit union shared branches are part of a network that allows members of one credit union to make transactions at another participating credit union as if it were their own. This is possible because of cooperative agreements among the participating credit unions.In other words, if you're a member of a credit union that is part of a shared branch network, you can walk into any other credit union in that network and conduct business as though you were at your hom...

15Aug

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How to Choose a Bank

With so many options available, identifying the financial institution that will best meet your needs can be a challenge. As you begin your search, keep one thing in mind: The bank you end up choosing should suit your financial situation.In fact, it may be best to have a relationship with multiple banks in order to meet all of your banking needs. "I think in this day and age, I don't think you're going to find a one-size-fits-all," says Charles Sachs, certified financial planner and chief investment officer at Kaufman Rossin Wealth, a financial planning firm. He says instead you may want to bank with a couple of institutions with different attributes.Not all banks are created equal. Each offers different types of accounts, services, interest rates, fees and more. Whether you're moving, hea...

What Is Offshore Banking? | Banking Advice

15Aug

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What Is Offshore Banking? | Banking Advice

When you open a bank account in a country you don't otherwise live or do business in, you engage in offshore banking. Offshore banking can offer privacy, asset protection and potential tax benefits, but it's associated with concerns related to tax avoidance, money laundering and other illegal activities.Learn what's appealing about offshore banking, its drawbacks and how to maintain compliance using an offshore banking account.The Perks of Offshore BankingOffshore banking can appeal to businesses and individuals seeking financial privacy, asset protection and tax efficiency."There are various benefits, mostly protections associated with privacy and guaranteeing anonymity, that incorporating offshore will bring," says Bill Maurer, professor of anthropology and law at the University of Cali...

15Aug

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Money

How Do Banks Work? | Banking Advice

What is a bank? A bank is a financial institution authorized to provide service options for customers who want to save, borrow or accrue more money.Banks typically accept deposits from, and offer loans to, their customers. They may also offer check-cashing or issuing services, credit or debit cards, and insurance options.Banks are not the only place where you can seek financial services; check-cashing businesses can help you receive funds without a checking account, for example. Credit unions also allow you to deposit and withdraw funds. But while banks may offer similar financial services as credit unions, banks are for-profit businesses that direct most of their financial returns to their shareholders. Learn more about how banks work and what services they offer.How Do Banks Work?Think ...